Business
Ventripoint Provides Corporate Update and Announces $1,220,000 Non-Brokered Debenture Unit Private Placement and Exchange of Existing Debentures and Repricing and Extension of the Associated Warrants
(via TheNewswire) Toronto, Ontario - TheNewswire - January 28, 2020 - Vent...
About this update from Ventripoint Diagnostics Ltd.
[{"type":"text","content":"Ventripoint Provides Corporate Update and Announces $1,220,000 Non-Brokered Debenture Unit Private Placement and Exchange of Existing Debentures and Repricing and Extension of the Associated Warrants(via TheNewswire)\n \n \nToronto, Ontario - TheNewswire - January 28, 2020 - Ventripoint Diagnostics Ltd. (\"Ventripoint\" or the \"Company\", (TSXV:VPT) is pleased to announce stakeholders have stepped forward to finance the commercialization of its robust technology. The past month there has been a restructuring of the Company to focus on manufacturing and sales. The Company is pleased to provide a Corporate update.\n\n\n \nSummary\n\n\n \n\n\n1.The Company has sufficient interest from existing shareholders and insiders to complete a $1,220,000 Private Placement. These funds will be used to resume operations as a going concern and manufacture and sell VMS+3.0 products; \n\n\n\n2.Dr. George Adams will be the acting CEO of the Company and the new Board of Directors has initiated a search for a new CEO and CFO. It is expected a new CFO will be hired within the next 90 days. Marrelli Support Services Inc. has been engaged to provide accounting and audit support services. \n\n\n\n3.Five of six employees have indicated they will rejoin the Company as soon as operations resume. The sixth employee has elected to go into a professional training program. \n\n\n\n4.The focus for the next 6 months will be to manufacture and install VMS+3.0 devices in leading hospitals in the United States and Canada. The Company has committed to provide the machines to 5 cardiac centres and has interest for 3 additional units. In addition, our partner in China has ordered multiple VMS+3.0 machines. \n\n\n\n5.The Board of Directors of the Company would like to thank Dr. Alvira Macanovic (former Senior Director of Operations, Regulatory Affairs, and Quality Assurance), Dave McPhedran (former Director of Sales), Ellen Briant (former CFO) and Desmond Hirson (former CTO), who have continued to engage customers and vendors throughout the restructuring process. \n\n\n\n\n \nCorporate Update\n\n\n \nRestructuring and Resumption of Operations\n\n\n \nThe Company has restructured its Board of Directors (See NR Dec 17, 2019). Dr. George Adams has been appointed the acting CEO of the Company and the new Board of Directors has initiated a search for a new CEO and CFO. It i...